Influence of Financialization of Heavily Polluting Enterprises on Technological Innovation under the Background of Environmental Pollution Control.

In the wake of the acceleration of China's industrialization and rapid economic growth, environmental pollution has also attracted great attention. The technological innovation of heavily polluting enterprises is conducive to reducing pollution emissions and promoting environmental health. The financial investment tendency and behavior of real enterprises have a significant impact on the technological innovation decision-making of enterprises. A panel model is used in this paper in order to empirically test the impact of financialization of Chinese heavily polluting enterprises on technological innovation based on the data of Listed Companies in Chinese heavily polluting industries from 2008 to 2019. The + results show that the financialization of heavily polluting enterprises has a significant crowding out effect on technological innovation. After introducing arbitrage motivation as the regulating variable, further research finds that arbitrage motivation weakens the inhibitory effect of enterprise financialization on technological innovation, that is, the stronger the arbitrage motivation, the smaller the negative effect of financialization on enterprise technological innovation, which weakens this crowding out effect. Finally, the listed enterprises in heavily polluting industries are divided into state-owned enterprises and non-state-owned enterprises according to their corporate attributes. Compared with state-owned enterprises, the financialization of non-state-owned enterprises has a greater squeeze out of technological innovation; and arbitrage motivation has a more significant regulatory effect on the impact of enterprise financialization on technological innovation.

How Does Financial Development Affect Reductions in Carbon Emissions in High-Energy Industries?-A Perspective on Technological Progress.

Climate change has made countries around the world realize the importance of reducing carbon emissions. Reductions in carbon emissions needs the support of policy, technology, and financial capital. The single/double/three-threshold model is used here with data from China to study the different impact of financial development in carbon emissions in high-energy industries when the threshold variables are in different intervals. The results show that when loan size is the core explanatory variable, and research and development (R and D) expenditure and energy structure are the threshold variables, the loan size variable has a significant effect on emission reductions in high-energy industries, and this effect is strengthened with increases in R and D expenditure and decreases in the proportion of energy from coal. Taking energy intensity as the threshold variable, the relationship between loan size and carbon dioxide emissions is V-shaped. With economic structure as the threshold variable, loan size has a significant effect on emissions reduction when the proportion of industrial added value in high-energy industries is low. When using foreign investment as the core explanatory variable, R and D expenditure, energy consumption intensity, and industrial structure are threshold variables. The impact of foreign investment on carbon dioxide emissions is negative, but when the threshold variable is within different intervals, this negative impact differs. With stock market value as the core explanatory variable, and R and D expenditure and energy structure as the threshold variables, the stock market value can promote reductions in carbon emissions, but when R and D expenditure and the proportion of coal consumption is high, stock market value has no significant effect on emissions reduction. When energy consumption intensity is the threshold variable, the relationship between stock market value and carbon dioxide emissions is V-shaped.